St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1887-06-16
ice Wiltshire Tries to Help Kershaw &
Go. Out by Putting Up
Nearly Million,
But Resented & Co., Whom He Left in
the Lurch, Promptly Attach
the Bank Account,
And Bring Suit Against the Han They
Charge With Putting Them
III the Hole"
A Deputy Sheriff Knocks Down Two
Hen to Get at KershaW---A
General Crash.

CHICAGO, June 15.-Speculators and
their brokers knew when they went
home last night that disastrous and IL
reSiStible panlc, that would sweep away
prices and fortunes at the same moment,
was only to be averted today by c. j.
KerShaw u Co. standing up and paying
all the enormous demands that would
be made against them. Last night the
firm was out of money, with demands
for S250.OO0 then in the Office that they
could not meet. 1t was therefore
grateful sound to the street when Ker-
shaw at O'clock hurried into the Office
and announced that he had money
enough in the bank at that hour to
pay all that he owed to mar
gin his trades down to the
market and below it. The announce
ment went from lip to lip and from Of
flee to office. Smiles broke upon faces
that were dull and heavy with the eX-
element the fatigue and the anxiety of
a night full of suspense. kershaw.
when he made the announcement, be-
ieyed that he promised just what he
could fulfil. Events proved that he
could not fulfil them, however. He had
Just hurried from the American En-
change National bank, where he had
held since : O'Clock Il council with Pres
ident Irwin and with Wiltshire, of Gin
cinnati, and where Sit0,00G had been
placed to his credit. HerShaW felt as If
the day was saved and so did the street.
At the opening of the board of trade the
secretary raped for order, which was
difficult to obtain, but when he finally
prevailed he read the following from
kershaw q Co.:
Gentlemen: We are prepared to paw all
our clearing house differences and to margin
below the market. c. j. kERsHAw d Co.
a YELL OF DELIGHT
broke out at this and the galleries,
dies, responded by the waving Of hand
kerchiefs. The few announcements of
several small failures that followed did
not count. These were or MeSSrS. J. B.
McCleary Il Co., j. II. Yourke Il Co.
and S. G. Orr. Wheat advanced at once
cent to rs for July. The panic was
over temporarily. As II O'Clock ap-
preached the crowd knew that the most
important moment Of the day was at
hand. The clearing sheets needed to
be in and the differences of the day be-
fore settled. Immediately after II
o'clock came the announcement of an
other batch of suspensions. This time
they were /. L. Balding q Co.
and Pickering IL Co. CroSby's fail
ure produced q sensation. He has
been rich man in the market for ten
years, and the traders supposed he was
impregnable. Then at 10:30 came the
announcement of the suspension Of NJ.
B. Croft Il Co. and NJ. S. Robinson Il
Co., the latter presumably substantial
house. The crowd thought that the
crisis was passed at II o'clock. when the
clearing sheets were III, but here there
was another terrible disappointment.
G. J. Kershaw & Co.'S account at the
American Exchange bank, amounting
to SS00,000, had been garnished at 10 a.
III. by Rosenfeld & Co. The latter.
was in the city. and that he had taken
care Of KerShaW 60, while he had al
lowed them to go to the wall, hurried to
lawyers Office. GarniShee papers
were at once procured and the money to
KershaW d Co.'S credit at the American
Exchange bank was attached. This oc-
CURED when all the board of trade were
in fancied security. 1t was not until
Kershaw'S partner, DelWar, who had
taken check for $780, 600 for certifca-
ton
FAILED TO RETURN
that there was any inlkling Of trouble.
At noon the checks had not returned
and there was CONSERVATION. 1t begun
to leak out on the flour and July wheat
dropped to 701gc. Trading was sus-
pended. The hands Of the clock passed
noon and Kershaw's check had not az
rived. Contrary to the rule, the clear
ing hour was extended five minutes.
Still no certified check. Then the Of
fetal statement was made that Kershaw
IL Co., had failed to get through. The
president of the board directed that the
announcement be now made from the
gallery. 1t simply increased the panic
After it was known that Kershaw
d CO., had not got through the
clearing house and that their bank
account was held up there was less de-
the news. The cause of Kershaw's
trouble was known. and the crowd
felt that KerShaw with S6O0,O0 in the
bank, even if garniSheed, was a better
creditor than without that 5000, 900 which
Wiltshire had brought. Besides the
buying by the big men who had other
interests imperiled by the panic turned
the market up. From 20 cents, which
was the bottom price. July sold up to 80
the noon recess another lightning change
act in this very singular drama Oc-
cured. Previous to the adjournment
member of the firm of RoSenfeld & Co.
had stated that he had
AUoHoRIZED HIS ATTORNEY
to attach or garnishee the s60O,O00 in
question. A member of the firm of
Kershaw & Co. stated the money had
been so tied up and that the sum was
between 100000 and $500, GOO. a half
hour later the statement was made at
the bank that the story in everybody's
mouth was not true. About the same
time Rosenfeld Il Co. denied that they
had garnisheed Kershaw's deposit, Evi-
dently the nice distinction is made that
they elect to call it clique money and
nst Kershaw's. The banks statement
may be susceptible of the explanation
that it has discovered that the attach
ment or garDishee proceedings
will not hold The fact remains
post by the clique principals,
SS00,000. is still tied up by some sort of
proceeding, and that legal fight for
the enormous lack pot'' has been i'll
augurated. How it will end or what
means will be employed to release the
fund cannot be stated The tying up
of the 100000 virtually tied up the
market, and the last hour of the long
session was unerentful as to the amount
of business done. Everybody was dis
posed to wait before making another
move. A few determined
MEN OF LARGE MEANS
gtood ready to render what help they
could by taking wheat offered by pam
icky people, and when the wreckage
could be cleared away, it was done. The
1o'clock range of prices showed a ma
terial recovery from bottom fipures and